Titan Uranium Signs Letter of Agreement with Japan Oil, Gas and Metals National Corporation

Saskatoon-based Titan Uranium Inc., a uranium explorer, announced the signing of a letter of agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC). Under the agreement, JOGMEC has committed to funding C$1 million in exploration programs managed by Titan in the first year and may elect to fund a further C$5 million over the subsequent three years of the agreement to acquire an undivided 50% ownership interest in the Border Block Project, located in Saskatchewan’s Athabasca Basin. Furthermore, JOGMEC has the option to provide an additional C$6 million to obtain the exclusive marketing rights of the mineral products of the joint venture for a 10-year period from first commercial production. JOGMEC is funded by Japan’s national and municipal governments and private-sector corporations to seek a stable supply of natural resources for Japan.